Are there any "non-profit" insurance companies?

Question

Private insurance's "job" is to return a profit to the shareholders. In the process they deny claims and provide golden parachutes to CEOs.

Answer 1

The government sells various kinds of insurance, so you could call them non-profit.

Answer 2

Blue Cross Blue Shield of Michigan

Answer 3

USAA is one, but there are membership eligibility restrictions.

Answer 4

hmm.. I'm not sure if this qualifies... but there is a company (not an insurance company) but a discount health benefits company, who contracts with doctors and dentists.. and doesn't pay the difference.. and the monthly premiums goes mainly to employees nationwide!

AmeriPlan USA  check it out!

Answer 5

Insurance companies need to be profitable to also pay all the death claims.  A good portion goes into the coffers to shore up the reserves.

Golden parachutes are not alway offered and there are a few that WANT to pay death claims.

Answer 6

There is a difference between "mutual" insurance companies and stock (or publicly held) insurance companies.  The mutual insurance companies - like some life insurance companies - are "owned" by the policy holders.

All insurance companies have to make a profit - they have to invest premium income and make money so they have enough to pay claims and workers and overheads.  Otherwise, premiums would be much, much higher than they are.

As for government-owned "insurance" programs, their overheads are so high, regulations so convoluted, and they do end up being overused, so costs keep increasing and service declines.  No wonder Canadians come to the US for medical care!  And the Brits have to wait 6 months or more for an emergency dental appointment.  

On the other hand, when people had Blue Cross/Blue Shield, paid their bills in cash, then filed for reimbursement, costs were much lower.  Costs are still very low where insurance is non-existent or operates on a reimbursement basis.  In Hong Kong, for example, a medical or dental practice has the doctor/dentist, the nurse/hygenist, and a receptionist to answer the phone, make appointments, prepare bills, take payment & write receipt.  Costs are a small fraction of US costs, where there is a team of billing/insurance processors doing paperwork, and the doctor/dentist has to wait at least 90 days for income while payrolls have to be met every week!

Why do you think over 1/2 million Americans go overseas for surgery/medical care every year?  Costs are one-fifth the US price.

Answer 7

The Co-operative Insurance.

Answer 8

That's an oxymoron.

Insurance companies were made to earn money. NHS in England is done by the government...closest you'll get I think.

There are some state sponsered healthcare programs for children though.

I know there are also non profit orginizations that help people who can`t pay their medical bills.